ISEQ endures massive slump

The value of Irish shares plummeted by 2.40% in morning trading today, as the ISEQ index dropped 196.79 points to 7985.97 by midday today.

The financials had another torrid time, with both Allied Irish Bank and Irish Life & Permanent haemorrhaging 50c to €17.18 and €16.17 respectively. Their competitors did not do much better, as Bank of Ireland shed 42c to €12.70, with Anglo Irish Bank falling 34c to €12.83.

The construction sector took another pounding following some discouraging mortgage lending figures released by the Central Bank this morning.

CRH was the biggest loser on the Exchange, slumping a full €1.05 to €27.70. Kingspan was down €51c to €16.44, with Abbey slipping €11c to €7.50.

Elsewhere, volatile Icon shares saw a €1.00 fall to €38.50. There was significant losses for FBD (down 30c to €24.50) Ryanair (down 20c to €5.47) and CPL (down 12c to €5.68).

There were no gains of any significance to report.